Info-tech

Competition watchdog greenlights Amazon’s Future Coupons buy

Our Bureau New Delhi | Updated on November 28, 2019 Published on November 28, 2019

The Competition Commission of India (CCI) has approved the acquisitions of Future Coupons Limited (FCL) by Amazon.com NV Investment Holdings, and Primetals Technologies by Mitsubishi-Hitachi Metals Machinery (MHMM). The CCI has also given its nod to a stake buy in Adani Gas Ltd by Total Holdings.

After the approval, Amazon.com will be acquiring about 49 per cent of the voting and non-voting equity shares of FCL. The deal consists of other constituent steps involving FCL, Future Corporate Resources Private Limited (FCRPL) and Future Retail Limited (FRL), a CCI statement said.

FCRPL is engaged in management consultancy services and trading in goods and services and also has investments in various Future Group of companies.

FCL is principally engaged in marketing and distribution of corporate gift cards, loyalty cards and reward cards to corporate customers.

The CCI also approved the acquisition of Primetals Technologies (PT) by MHMM. Under the proposed transaction, Mitsubishi Heavy Industries Ltd (MHI) will effectively acquire the remaining 49 per cent of the total shareholding in PT now held by Siemens AG.

CCI said that MHMM is a holding company within MHI and is not engaged in any business activity. PT is a joint venture currently controlled by MHI (through MHMM) and Siemens.

Published on November 28, 2019
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